Agree. It’s important to look at retirement rates and numbers, too. It’s the end of the boomer generations workforce participation (except in the senate?). The

Agree. It’s important to look at retirement rates and numbers, too. It’s the end of the boomer generations workforce participation (except in the senate?). The following generations really are smaller. Couple that with actual crackdowns on immigrations, and you get actual labor supply problems for some roles and industries. This has knock on effects that raise wages. Couple this with inflation in CPI, and you get workers in a good place to negotiate raises to cancel out inflation and then actually increase real salaries commensurate with contribution. Net, labor price increases are a symptom of labor supply and cpi. Labor is not driving inflation.